First-Time Buyer Guide: Where Do You Start?

Buying your first home is one of life's biggest and most expensive milestones. It's exciting, but it can also feel overwhelming, particularly if you feel you're getting a late start. The reality, however, is that many people are buying later than previous generations. According to the English Housing Survey, the average first-time buyer in England is now 34 years old. 

Whatever stage you're at, understanding the process early can help you move forward with confidence.

From saving for a deposit to understanding mortgages and affordability, there are plenty of moving parts. The good news is that you don't need to have all the answers before you take the first step.

With the right guidance and a clear plan, the journey to homeownership can feel far more manageable.

1. Understand What You Can Afford

Many first-time buyers start by asking, "How much can I borrow?"

While online mortgage calculators can provide a useful estimate, lenders will look at much more than just your salary. They'll typically consider factors such as:

• Your income and employment

• Regular monthly expenses

• Existing debts or financial commitments

• Your credit history

• The size of your deposit

  
  

Understanding your budget early helps you focus your property search on homes that are realistically within reach and can save disappointment later.

2. Start Saving for Your Deposit

Your deposit is one of the biggest hurdles for many first-time buyers.In fact, Halifax's latest First-Time Buyer Review found that the average deposit paid by UK first-time buyers was around £61,000 in 2024, although this varies significantly depending on where you live. It's one of the reasons why planning ahead and building your savings gradually can make such a difference.

Generally, the larger your deposit, the wider your choice of mortgage products. While some mortgages are available with smaller deposits, building your savings can often improve your options.

It's also worth remembering that buying a home involves more than just the deposit.

You'll need to budget for additional costs such as:

• Solicitor's fees

• Property surveys

• Mortgage arrangement fees (where applicable)

• Moving costs

• Furniture and home essentials

Planning for these expenses early can help avoid unexpected financial pressure later.

3. Check Your Credit Report

Your credit history can play an important role in your mortgage application.

Before applying, it's worth checking your credit report to ensure the information is accurate. If there are any errors, correcting them in advance could help prevent unnecessary delays.

Simple habits such as paying bills on time, staying within credit limits and avoiding multiple credit applications over a short period may also help strengthen your financial profile.

4. Get Your Documents Ready

When you're ready to apply for a mortgage, lenders will usually ask for documentation to verify your financial circumstances.

This may include:

• Proof of identity

• Recent payslips

• Bank statements

• Proof of your deposit

• Tax returns if you're self-employed

Having these documents organised ahead of time can help make the process much smoother.

5. Consider Getting a Mortgage Agreement in Principle

An Agreement in Principle (sometimes called a Decision in Principle) gives you an indication of how much a lender may be willing to lend, based on an initial assessment of your circumstances.

Although it isn't a guarantee that you'll receive a mortgage, it can demonstrate to estate agents and sellers that you're a serious buyer and may put you in a stronger position when making an offer.

6. Don't Forget About Protection

Buying your first home is a significant financial commitment, so it's worth thinking about how you would manage if the unexpected happened.

Depending on your circumstances, you may wish to consider options such as:

• Life insurance

• Critical illness cover

• Income protection

These products are designed to provide financial support in certain situations and can form an important part of your overall financial plan. The right solution will depend on your individual needs and circumstances.

You Don't Have to Navigate the Process Alone

One of the biggest misconceptions among first-time buyers is that they need to understand everything before speaking to a mortgage adviser. In reality, getting advice early can help you understand your options, prepare for the application process and avoid common pitfalls.

At Storeton Rose Financial Planning, we believe financial advice should be clear, approachable and free from unnecessary jargon. Whether you're just starting to save or you're ready to begin viewing properties, we're here to help you understand your next steps with confidence.

Buying your first home isn't just about securing a mortgage, it's the beginning of your wider financial journey. Taking the time to build the right foundations today can help support your financial goals for years to come.

Ready to Take the First Step?

If you're thinking about buying your first home and aren't sure where to start, we're here to help.

Book a no-obligation mortgage consultation with Storeton Rose Financial Planning, and we'll guide you through the process, answer your questions and help you understand your options, so you can move forward with confidence.

This article is for general information only and does not constitute personal financial advice. The right option for you will depend on your individual circumstances.

Your home may be repossessed if you do not keep up repayments on your mortgage.